Rising recyclability
concerns and increasing government initiatives towards promoting sustainable
living are expected to drive growth of global polylactic acid market during
forecast period
According to TechSci Research report, “Global Polylactic Acid Market By Raw Material, By Form,
By Application, By Region, Competition, Forecast & Opportunities, 2024”, global polylactic acid market is expected to
register CAGR to
close to 17% over the forecast period on account of rising demand for flexible
packaging, growing consumption of shopping bags and disposable cutlery and rising
recyclability concerns. Additionally, environmental safety and pollution
control are the key reasons for diverting major stakeholders towards bio
plastic usage other than using conventional plastic which is synthesized from
petroleum. Furthermore, technological advancements coupled with government initiatives
by providing subsidies and support for enhancing usage of biodegradable
products is further expected to aid the growth of global polylactic acid
market. However, the cost of polylactic acid is higher when compared to
synthetic plastics, thus acting as a primary restraining factor for the growth
of global polylactic acid market.
Browse XX market data Tables and XX Figures spread through XXX Pages and an in-depth TOC on
" Global Polylactic Acid Market "
Global polylactic
acid market can be segmented based on raw material, form, application, region
and company. Considering the applications, the market can be segmented into packaging,
agriculture, electronics, textiles, bio-medical. Out of which, the packaging
segment held the majority share in terms of revenue of the global polylactic
acid market until 2018. This growth is attributable to the increasing demand
from biomedical, electronics, textiles and automotive industries.
Corbion N.V.,
Galactic S.A., Henan Jindan Lactic Acid Co., Ltd., Jungbunzlauer AG, Musashino
Chemical Laboratory, Ltd., BASF SE, NatureWorks, Henan Jindan Lactic Acid
Technology, Mitsubishi Chemical Holdings Corporation, Synbra Technology BV
among others are the leading players operating in the global polylactic acid
market.
customers can also request for 10% free
customization on this report.
“Regionally,
the polylactic acid market is gaining traction and expanding to Asia-Pacific,
North America, South America, Europe, and Middle East & Africa. Among these
regions, North America dominated the market until 2018, which can be mainly
attributed to growing biodegradable polymer consumption and increasing
composting infrastructure. In addition to this, high growth in drug
manufacturing is supplementing the demand for polylactic acid products in developed
countries like U.S, which is further anticipated to propel the growth of polylactic
acid market over the next 5 years. Asia-Pacific is also forecasted to register tremendous
growth through 2024 owing to rising focus on product developments, rising
investments in research & development activities, and increasing production
capacities.
Furthermore, expanding consumer base of FMCG companies in developing
economies such as China and India are anticipated to further augment the
overall market growth over the coming years.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“Global Polylactic Acid Market By Raw Material,
By Form, By Application, By Region, Competition, Forecast & Opportunities,
2024” has evaluated the future growth
potential of global polylactic acid market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers to
take sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges and opportunities
in global polylactic acid market.
Contact
Mr. Ken Mathews
708 Third Avenue,
Manhattan, NY,
New York – 10017
Tel: +1-646-360-1656
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